0001|                           SENATE BILL 960
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                              JOHN PINTO
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0005|     
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0006|                                   
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0007|     
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0008|     
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012|     SEVERANCE TAX BONDS FOR BUSES FOR SCHOOLS IN SAN JUAN AND
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0013|     MCKINLEY COUNTIES; MAKING AN APPROPRIATION; DECLARING AN
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0014|     EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  SEVERANCE TAX BONDS--PURPOSES FOR WHICH
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0018|     ISSUED--APPROPRIATION OF PROCEEDS.--
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0019|               A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax
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0021|     Bonding Act in an amount not exceeding two hundred ten thousand
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0022|     dollars ($210,000) when the New Mexico office of Indian affairs
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0023|     certifies the need for the issuance of the bonds.  The state
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0024|     board of finance shall schedule the issuance and sale of the
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0025|     bonds in the most expeditious and economical manner possible
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0001|     upon a finding by the board that the project has been developed
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0002|     sufficiently to justify the issuance and that the project can
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0003|     proceed to contract within a reasonable time.  The state board
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0004|     of finance shall further take the appropriate steps necessary
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0005|     to comply with the Internal Revenue Code of 1986, as amended. 
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0006|     The proceeds from the sale of the bonds are appropriated to the
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0007|     New Mexico office of Indian affairs in the following amounts
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0008|     for the following purposes:
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0009|                    (1)  forty-two thousand dollars ($42,000) for a
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0010|     bus to transport children to and from school and for field
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0011|     trips and other related learning experiences at Rock Springs
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0012|     chapter in McKinley county;
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0013|                    (2)  forty-two thousand dollars ($42,000) for a
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0014|     bus to transport children to and from school and for field
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0015|     trips and other related learning experiences at Red Lake
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0016|     chapter in McKinley county;
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0017|                    (3)  forty-two thousand dollars ($42,000) for a
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0018|     bus to transport children to and from school and for field
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0019|     trips and other related learning experiences at Coal Mine in
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0020|     McKinley county;
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0021|                    (4)  forty-two thousand dollars ($42,000) for a
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0022|     bus to transport children to and from school and for field
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0023|     trips and other related learning experiences at Mexican Springs
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0024|     chapter in McKinley county; and
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0025|                    (5)  forty-two thousand dollars ($42,000) for a
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0001|     bus to transport children to and from school and for field
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0002|     trips and other related learning experiences at Crystal chapter
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0003|     in San Juan county.
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0004|               B.  If the New Mexico office of Indian affairs has
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0005|     not certified the need for the issuance of the bonds by the end
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0006|     of fiscal year 1999, the authorization provided in this section
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0007|     shall be void.  Any unexpended or unencumbered balance
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0008|     remaining from the proceeds of severance tax bonds issued
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0009|     pursuant to Subsection A of this section at the end of fiscal
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0010|     year 2000 shall revert to the severance tax bonding fund. 
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0011|          Section 2.  EMERGENCY.--It is necessary for the public
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0012|     peace, health and safety that this act take effect immediately.
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0013|                                    
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0014|   
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0015|                      FORTY-THIRD LEGISLATURE
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0016|                        FIRST SESSION, 1997
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0017|   
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0018|   
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0019|                                                   March 6, 1997
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0020|   
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0021|   Mr. President:
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0022|   
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0023|       Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom
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0024|   has been referred
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0025|   
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0001|                          SENATE BILL 960
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0002|   has had it under consideration and reports same with
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0003|   recommendation that it DO PASS, and thence referred to the
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0004|   FINANCE COMMITTEE.
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0005|   
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0006|                                Respectfully submitted,
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0007|   
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0008|   
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0009|   
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0010|                                
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0011|   __________________________________
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0012|                                John Pinto, Chairman 
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0013|   
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0014|   
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0015|   
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0016|   Adopted_______________________   Not
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0017|   Adopted_______________________
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0018|             (Chief Clerk)                          (Chief Clerk)
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0019|   
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0020|   
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0021|                     Date ________________________
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0022|   
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0023|   
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0024|   The roll call vote was <u> 6 </u> For <u> 0 </u> Against
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0025|           Yes:    6
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0001|           No:     0
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0002|                Excused:     Carraro, Davis, Kysar
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0003|           Absent: None
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0004|   
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0005|   
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0006|   S0960IC1
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0007|   
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